Economics (ECON)

USP Codes are listed in brackets by the 1991 USP code followed by the 2003 USP code (i.e. [M2<>QB]).

1000. Global Economic Issues. 3. [C2, G1<>CS, G] Incoming students are introduced to basic principles of economics through the examination of contemporary global economic problems. Issues include sustainable development, economic causes of wars, global energy dependence, patterns of international capital flows, foreign aid, the brain drain and the emerging global business community. Topics selected will define the set and level of economic principles introduced. Prerequisites: none.

1010. Principles of Macroeconomics. 3. [C2<>CS] A beginning study of how economic society is organized and uses scarce resources to provide for its material wants. National income analysis; business cycles; the banking system; monetary and fiscal policy. Inflation and unemployment. Cross listed with AGEC 1010. Prerequisites: none.

1200. Economics, Law and Government. 3. [V1<>V] Markets and free enterprise depend on supportive legal and political institutions. The course exposes students to the U.S. political economy. Important relationships between market development, the legal framework and the political system are presented. The U.S. and Wyoming constitutions are studied to show their importance to free enterprise. Topics deal with public choice, cost-benefit analysis in policy, the importance of property rights and regulation. Prerequisites: none. (Offered fall and spring semesters)

1300. Oil: Business, Culture, and Power. 3. A multi-disciplinary approach to understanding how oil affects the international relations and commerce. The relationships between oil technology, social and political institutions, the unique cultures in oil-producing regions will be investigated in case studies. Cross listed with ERS 1300. Prerequisites: none.

2100. Introduction to Money and Banking. 3. [C2<>(none)] An introduction to the entire area of money and public finance. Oriented towards students wishing to obtain a broad general understanding of importance of money and public finance upon economic activity. Covers money and private financial institutions, monetary theory and policy, as well as public finance and fiscal policy. Credit will not be allowed for more than one of: ECON 2100 or FIN 4520. Prerequisites: ECON 1010, 1020.

2400. Economics of the Environment. 3. [C2, W2<>WB, G] This introductory course examines in detail the relationship between the economy and the natural environment. Primary attention is given to efficient environmental management and policies. Current environmental issues are studied and evaluated from an economic perspective. Prerequisites: ECON 1010, 1020. (Offered based on sufficient demand and resources)

2500. The Impact of the Union Pacific on Wyoming History. 3. [W2, C2<>(none)] Students will experience and interpret the impact of the building of the Union Pacific Railroad on the history and culture of Wyoming through the lens of three disciplinary perspectives. Students will explore how the railroad impacted Wyoming geography, economic development and the people of the state through personal research projects. Cross listed with GEOG 2500 and HIST 2500.

2910. Topics in Economics. 3.

3010 [2010, 4010]. Intermediate Macroeconomics. 3. [M3<>(none)] A presentation and study of national income aggregates and accounting; equilibrium analysis of output, employment and the price level; general equilibrium analysis; and an introduction to economic dynamics. Prerequisites: ECON 1010 and 1020, QA and MATH 2200/2350. (Offered fall and spring semesters)

3020 [2020, 4020]. Intermediate Microeconomics. 3. [M3<>(none)] Relative to a beginning course, this is a more advanced course on the theory of demand, production, cost and supply; and the theory of the firm, including market price under monopoly, monopolistic competition and oligopoly. Attention is given to the theory of factor prices and topics on welfare economics. Prerequisites: ECON 1010 and 1020, QA, and MATH 2200/2350. (Offered fall and spring semesters)

4030. Managerial Economics. 3. An advanced course on the theory of demand, production, cost, and supply; the theory of the firm, including market price under monopoly, monopolistic competition and oligopoly. Attention is given to the theory of factor prices and topics on welfare economics. Prerequisite: senior standing or above. Credit cannot be earned for this course and ECON 3020.

4115 [4110, 611]. Time Series Analysis and Forecasting. 3. [M3<>(none)] Designed to have an applied orientation in a number of estimation procedures, such as exponential smoothing and forecasting with and without the presence of trends and seasonal repetitive patterns. The Box-Jenkins procedure will be covered in detail. Students become proficient in the application of statistical tools used in time series analysis of economic data. Cross listed with STAT 4115. Prerequisites: STAT 3050 or equivalent; STAT 4015/5015 recommended. (Offered based on sufficient demand and resources)

4240. History of Economic Thought. 3. [(none)<>WC] Focuses on the most influential economists who have shaped the evolution of economic thinking throughout history. Emphasis is on tracing the evolution of economic thought into the modern intellectual foundation of economics. Traces changing economic thought from mercantilism through modern paradigms. Prerequisites: ECON 3010 and 3020.

4350. Game Theory. 3. Discusses a variety of important concepts from game theory - the study of how individuals interact strategically. The course focuses on the development of students' ability to think strategically. To that end the course covers basic concepts in game theory; notions related to credibility; and notions related to forming and evaluating strategies. Prerequisites: ECON 3010 and 3020.

4360. Seminar in Economics. 1-3 (Max. 6). An analysis of selected problems of economics theory. Topics vary with student interest and with current stress in economics theory. Prerequisites: ECON 3010, 3020. (Offered based on sufficient demand and resources)

4400. Environmental Economics. 3. [M3<>(none)] The study of economic issues involved in development and maintenance of human environment. Problems of resource allocation, social cost, pollution (water and air) and policy issues involved in these areas. Major emphasis is directed toward evaluating welfare implications of these environmental issues. Prerequisites: ECON 3020 and junior standing. (Offered based on sufficient demand and resources)

4410. Natural Resource Economics. 3. A study of the economic issues associated with renewable and nonrenewable resources. Special emphasis is directed toward hard rock minerals, fossil fuels, fisheries and forestry resources. Issues of optimal extraction and depletion, effect of alternative market structures, and role of uncertainty are addressed with regard to efficient management and allocation of these resources. Prerequisite: ECON 3020 and junior standing. (Offered based on sufficient demand and resources)

4420. Seminar: Economics for ENR. 2-4. For students with little or no background in economics interested in economic perspectives on ENR. Emphasis is on integrated ecology-economics approach to investigate the economics environmental services, biological resources, and the ecosystems that contain them. CBEC and ECON majors cannot earn upper-division economics credit for this course. Prerequisites: successful completion of QB and senior standing.

4430. Energy Economics. 3. Economics of energy, particularly oil and gas. Includes a discussion of the history of the oil industry, as well as aspects of contemporary markets. Apply a variety of concepts from microeconomics, particularly related to industrial economics. Prerequisites: ECON 3020, MATH 2200 or 2350.

4450. Monetary Theory. 3. [M3<>(none)] Topics in this course center on theories of the value of money and price levels; central banking theory and policy; international exchange; world monetary institutions. Prerequisite: ECON 3010, MATH 2200 or 2350. (Offered based on sufficient demand and resources)

4520. Public Economics. 3. [M3<>(none)] Studies the role of government within a market economy. The focus is on how governments fund and provide non-market goods demanded by society, e.g., health care, military, education. Examines public goods, taxation, environmental challenges, affects on economic growth and stability, benefit-cost analysis, and state/local finance. Prerequisites: ECON 3010, 3020.

4530. State and Local Finance. 3. [M3<>(none)] The study of state and local revenues, expenditures, fiscal administration and policies, with special emphasis on Wyoming problems. Prerequisites: ECON 1010 and 1020; QA. (Offered based on sufficient demand and resources)

4700. Economic Development. 3. Encompasses the study of institutional and social, as well as economic, mechanisms for modernizing an economy while eliminating absolute poverty. Covers the economic concepts that help us explain why some countries are poor and how economic policies can assist those countries in becoming more developed. Case studies of specific country experiences are presented along with the economic theories in an integrated manner. Prerequisite: ECON 3010.

4710. Comparative Systems. 3. [G1<>(none)] The study of the origins and characteristics of modern economic systems; similarities and differences in the systems of the U.S., Great Britain, Soviet Union, Germany, India and China. Cross listed with INST 4710. Prerequisites: ECON 3010; QA. (Offered based on sufficient demand and resources)

4740. International Finance. 3. [G1, M3<>(none)] The focus is on foreign exchange markets, balance of payments analysis and effects of international trade and capital flows on the domestic economy. Policies to correct payment deficits, gold, international liquidity and international financial institutions are studied. Prerequisites: ECON 3010 and 3020; QA.

4820. Industrial Organization and Public Policy. 3. The conduct and performance of market structures is analyzed. Structures include perfect competition, monopolistic competition, oligopoly and monopoly. Special attention is given to the study of strategic behavior in industry. Game theory is introduced. Public policy against monopoly practices is reviewed. Prerequisite: ECON 3020. (Offered based on sufficient demand and resources)

4830. Telecommunications Policy and Regulation. 3. Deals with telecommunications policy and regulation. Major emphasis is placed on specific contemporary issues in telecommunications policy such as the emergence of competition, the states and federal mix of regulations, alternative forms of regulation and technology and competitive industrial structure. Prerequisites: ECON 1010 and 1020.

4840. Public Utility Economics. 3. The economic foundations of the public utility industries; the theory of public utility rate making; pricing and resource allocation; and the effectiveness of utility regulation. Prerequisites: ECON 1010 and 1020; QA. (Offered based on sufficient demand and resources)

5010. Advanced Macroeconomic Analysis. 3. An advanced application of economic theory to complex macroeconomics problems facing the economy of the state and nation, such as inflation, unemployment, and fiscal and monetary policies. Prerequisite: ECON 3010, 3020, or equivalent.

5020. Advanced Microeconomic Analysis. 3. A rigorous course in the analysis of demand and the theory of consumer behavior, supply and the theory of the firm, market equilibrium and stability, and income distribution. Prerequisite: ECON 3010, 3020, or equivalent.

5115. Time Series Analysis and Forecasting. 3. An applied introduction to time series and forecasting. Brief coverage of time series regression, decomposition methods, and smoothing will lead into a more detailed coverage of Box-Jenkins (ARIMA) modeling. Computer analysis using MINITAB and SAS will be an important part of the course. Dual listed with ECON 4115; cross listed with STAT 5115. Prerequisites: STAT 3050 or equivalent, STAT 4015/5015 recommended.

5120. Advanced Analysis II-Microecomics. 3. Part of a sequence with ECON 5020. It is advanced microeconomic analysis covering general equilibrium and welfare economics, and advanced topics in consumption and production theory. Prerequisites: ECON 5010, 5020.

5130. Dynamic Optimization. 3. Covers methods for obtaining the optimal choice for economic variables that change over time, including calculus of variations and optimal control. These methods are applied to various dynamic economic problems, including optimal resource extraction, optimal capital allocation, and optimal growth. Prerequisites: ECON 5020, 5370.

5300. Game Theory. 3. Discusses a variety of important concepts in the application of game theory to modern microeconomics, including Nash equilibrium, subgame perfect equilibrium,and Bayesian Nash equilibrium. Time permitting, the class will also explore some relatively new uses of game theory, including evolutionary games and differential games. Prerequisites: admission to the graduate program in Economics and Finance.

5310. Research Methods. 3. A variety of topics of importance to the advanced student who is preparing to write his or her dissertation are discussed. Prerequisite: admission to the graduate program in Economics and Finance.

5320. Experimental Methods in Economics. 3. Accepted experimental techniques in behavioral economics are studied. Critical review of previous experimental work is used to learn proper procedure. The value of subject control and creative construction is stressed. Prerequisites: ECON 3010, 3020.

5400. Advanced Resource and Environmental Economics. 3. An analysis of resource development projects and environmental change. Included are cost-effectiveness analysis and other quantitative techniques used in evaluating resource projects and public policy issues concerning the environment. Prerequisite: ECON 3020, 4400 or consent of instructor.

5410. Seminar in Resource and Environmental Economics. 1-3 (Max. 6). An analysis of resource development projects and environmental change. Included are cost-effectiveness analysis and other quantitative techniques used in evaluating resource projects and public policy issues concerning the environment. Prerequisite: ECON 3020 or 4400.

5520. Theory of Public Finance. 3. A survey course covering welfare foundations of public finance, theory of public goods, benefit-cost analysis, fiscal federalism, the economics of taxation (incidence analysis, excess burden and optimal taxes), the U.S. tax system, and tax issues in open economics. Prerequisite: ECON 5010, 5020 or equivalent.

5640. Financial Economics I. 3. Focuses on theoretical topics. Covers optimal portfolio selection under uncertainty and differential information as well as fundamental theoretical issues in banking and financial intermediation. In the latter part of the semester, students have an opportunity to present one of the assigned articles in class and lead a discussion on it, with active participation by the entire class. Prerequisites: PhD-level microeconomics class (5020) and at least one 4000-level finance class.

5700. Advanced Economic Development. 3. Explores basic growth theory, "economic history" models of economic expansion, theories of natural resource based development and trade-resource models, the role of institutions and public policy in influencing development, and the effects of population, trade and finance on development. Prerequisites: ECON 5010, 5020.

5720. Advanced International Economics. 3. Studies the economics of trade between nations. Important trade theories are studied along with their empirical evaluation. Time is devoted to the importance of international trade growth. Government trade policies are given theoretical and empirical evaluation. Prerequisite: ECON 5020.

5830. Empirical Industrial Organization. 3. Focuses on methods of analyzing data and testing hypotheses arising in the field of industrial organization. Much of the material builds on concepts introduced in ECON 5020 along with concepts presented in econometrics classes. Although many of the relevant concepts are primarily covered in ECON 5820, this course can be taken before or without taking ECON 5820. Prerequisite: admission to the graduate program in Economics and Finance.

5840. Advanced Public Utility Economics. 3. Explores the contribution that economics can make to government regulation of business. Regulation theory is concerned with defining the goal of economic efficiency and providing rules for achieving it. Specifically covers market structures, systems of incentives, laws and administrative procedures, and economic performance in the field of regulation. Prerequisite: ECON 4840 or equivalent.

5959. Enrichment Studies. 1-3 (Max. 99). Designed to provide an enrichment experience in a variety of topics. Note: credit in this course may not be included in a graduate program of study for degree purposes.

5960. Thesis Research. 1-12 (Max. 24). Designed for students who are involved in research for their thesis project. Also used for students whose coursework is complete and are writing their thesis. Prerequisites: enrolled in a graduate degree program.